Turquoise Hill Board of Directors provides update on shareholder correspondence
03 May 2018 - 10:00PM
Turquoise Hill Resources today announced that, further to its March
14, 2018 letter to shareholders, the Company’s Board of Directors
has undertaken a review of the matters raised by SailingStone
Capital Partners LLC in its February 1, 2018 letter.
The Board believes that the Company is
appropriately informed and that management is properly incentivized
to perform its duties. Recognizing the concerns raised by
SailingStone, the Board of Directors, through its independent
members, has met with Rio Tinto and discussed actions that the
parties can and have taken to enhance their working relationship on
relevant Oyu Tolgoi matters. Specific actions that the parties
are taking include:
- Increasing direct participation by Turquoise Hill management on
Oyu Tolgoi matters, including in various Oyu Tolgoi working groups
that are interacting with the Government of Mongolia and in the
upcoming Oyu Tolgoi cost and schedule reviews;
- Enhancing the independence of Turquoise Hill’s technical
personnel; and
- Establishing a project management office at Oyu Tolgoi as an
additional mechanism to facilitate sharing of information.
In addition, the Board, through its Compensation
and Benefits Committee as part of its ongoing mandate, continues to
review management compensation arrangements to ensure consistency
with the guiding principles of the Company’s compensation
philosophy, building on the progress made over recent years in
aligning management interests with those of the Company’s
shareholders.
Discussions with Rio Tinto have been
constructive and are ongoing. Both parties recognize that Turquoise
Hill’s independence and its participation in all material and
relevant Oyu Tolgoi matters are important to facilitating the
maximization of Oyu Tolgoi’s value for all Turquoise Hill
shareholders.
ContactInvestors and Media
Tony Shaffer+ 1 604 648
3934tony.shaffer@turquoisehill.com
Follow us on Twitter @TurquoiseHillRe
Forward-looking
statementsCertain statements made herein, including
statements relating to matters that are not historical facts and
statements of the Company’s beliefs, intentions and expectations
about developments, results and events which will or may occur in
the future, constitute “forward-looking information” within the
meaning of applicable Canadian securities legislation and
“forward-looking statements” within the meaning of the “safe
harbor” provisions of the United States Private Securities
Litigation Reform Act of 1995. Forward-looking statements and
information relate to future events or future performance, reflect
current expectations or beliefs regarding future events and are
typically identified by words such as “anticipate”, “could”,
“should”, “expect”, “seek”, “may”, “intend”, “likely”, “plan”,
“estimate”, “will”, “believe” and similar expressions suggesting
future outcomes or statements regarding an outlook. These include,
but are not limited to, statements about anticipated business
activities, planned expenditures, corporate strategies, and other
statements that are not historical facts.
Forward-looking statements and information are
made based upon certain assumptions and other important factors
that, if untrue, could cause the actual results, performance or
achievements of the Company to be materially different from future
results, performance or achievements expressed or implied by such
statements or information. There can be no assurance that such
statements or information will prove to be accurate. Such
statements and information are based on numerous assumptions
regarding present and future business strategies, local and global
economic conditions, and the environment in which the Company will
operate in the future, including the price of copper, gold and
silver, anticipated capital and operating costs, anticipated future
production and cash flows, and the status of the Company’s
relationship and interaction with the Government of Mongolia on the
continued development of Oyu Tolgoi and Oyu Tolgoi LLC internal
governance. Certain important factors that could cause actual
results, performance or achievements to differ materially from
those in the forward-looking statements and information include,
among others, copper; gold and silver price volatility;
discrepancies between actual and estimated production, mineral
reserves and resources and metallurgical recoveries; development
plans for processing resources; matters relating to proposed
exploration or expansion; mining operational and development risks;
litigation risks; regulatory restrictions (including environmental
regulatory restrictions and liability); Oyu Tolgoi LLC’s ability to
deliver a domestic power source for the Oyu Tolgoi project within
the required contractual time frame; communications with local
stakeholders and community relations; activities, actions or
assessments, including tax assessments, by governmental
authorities; events or circumstances (including strikes, blockages
or similar events outside of the Company’s control) that may affect
the Company’s ability to deliver its products in a timely manner;
currency fluctuations; the speculative nature of mineral
exploration; the global economic climate; dilution; share price
volatility; competition; loss of key employees; cyber security
incidents; additional funding requirements, including in respect of
the development or construction of a long-term domestic power
supply for the Oyu Tolgoi project; capital and operating costs,
including with respect to the development of additional deposits
and processing facilities; and defective title to mineral claims or
property. Although the Company has attempted to identify important
factors that could cause actual actions, events or results to
differ materially from those described in forward-looking
statements and information, there may be other factors that cause
actions, events or results not to be as anticipated, estimated or
intended. All such forward-looking statements and information are
based on certain assumptions and analyses made by the Company’s
management in light of their experience and perception of
historical trends, current conditions and expected future
developments, as well as other factors management believes are
appropriate in the circumstances. These statements, however, are
subject to a variety of risks and uncertainties and other factors
that could cause actual events or results to differ materially from
those projected in the forward-looking statements or
information.
Readers are cautioned not to place undue
reliance on forward-looking information or statements. By their
nature, forward-looking statements involve numerous assumptions,
inherent risks and uncertainties, both general and specific, which
contribute to the possibility that the predicted outcomes will not
occur. Events or circumstances could cause the Company’s actual
results to differ materially from those estimated or projected and
expressed in, or implied by, these forward-looking statements.
Important factors that could cause actual results to differ from
these forward-looking statements are included in the “Risk Factors”
section in the Company’s Annual Information Form dated as of March
15, 2018 in respect of the year ended December 31, 2017 (the
“AIF”).
Readers are further cautioned that the list of
factors enumerated in the “Risk Factors” section of the AIF that
may affect future results is not exhaustive. When relying on the
Company’s forward-looking statements and information to make
decisions with respect to the Company, investors and others should
carefully consider the foregoing factors and other uncertainties
and potential events.
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